a16z launches new crypto fund SoFi to launch SoFiUSD on Solana

Headlines

▌a16z Launches $2.2 Billion Crypto Fund Crypto Fund 5

a16z announces the creation of a new crypto fund, “Crypto Fund 5,” with a scale of $2.2 billion, which will continue deploying capital over the next decade, covering all stages of investment in the crypto space. a16z states that this round of fund will focus on “application projects with real practical value,” including payments, financial services, decentralized systems, and other directions. The core judgment is: the current market is more suitable for building “long-term sustainable infrastructure and products” rather than short-term narrative-driven projects.

▌SoFi to Launch SoFiUSD on Solana

On May 6, the United States’ first nationwide licensed bank offering Bitcoin and cryptocurrency trading, SoFi, will launch SoFiUSD on Solana, citing lower payment costs and faster settlement speeds.

Market Data

As of press time, according to CoinGecko data:

BTC price is $80,819.15, up +1.3% in 24 hours;

ETH price is $2,356.31, up +0.5% in 24 hours;

BNB price is $630.00, up +1.1% in 24 hours;

SOL price is $86.21, up +2.6% in 24 hours;

DOGE price is $0.1145, up +4.0% in 24 hours;

XRP price is $1.41, up +1.4% in 24 hours;

TRX price is $0.3444, up +0.9% in 24 hours;

WLFI price is $0.06564, up +2.5% in 24 hours;

HYPE price is $43.68, up +0.4% in 24 hours.

Policy Updates

▌U.S. Senators Issue Joint Statement: Bipartisan Agreement Reached on Stability Coin Yield in CLARITY Act

On May 5, crypto journalist Eleanor Terrett posted on X that Senators Thom Tillis and Angela Alsobrooks issued a joint statement regarding the stability coin yield clause in Section 404, announcing a bipartisan compromise amid opposition from banking groups, and implying that the related plan is “most likely finalized.” The statement says the compromise was formed after extensive consultation with banking industry stakeholders, mainly to prohibit designing stablecoin yields similar to bank deposit interest, to alleviate concerns over fund outflows from banks, while allowing crypto companies to offer other types of user incentives. The statement also disclosed “we respectfully agree to disagree,” indicating that despite differences in stance, legislative progress is close to completion.

▌U.S. Banking Industry Association Says Compromise on Stablecoin Yield Still Lacks Adequacy

On May 5, the U.S. Banking Industry Association stated that the draft provisions on stablecoin yields in the “Clarify Act” do not fully address banks’ concerns about deposit outflows, meaning the banking sector remains dissatisfied with the bill. This statement is unexpected. Previously, crypto firms including Coinbase claimed that this clause was a negotiated compromise between banks and the crypto industry. (East News Agency)

▌Polish Prime Minister Tusk: Government Will Resubmit Crypto Asset Legislation

On May 5, Polish Prime Minister Tusk announced that the government will resubmit legislation on crypto assets.

▌Trump: Progress with Iran, “Freedom Plan” to Pause Short-Term

On May 6, U.S. President Trump posted that, based on requests from Pakistan and other countries, and given the significant military victories in the fight against Iran, as well as major progress on a comprehensive final agreement with Iran, both sides agree to pause the “Freedom Plan” (i.e., ships passing through the Strait of Hormuz) for a period to observe whether the agreement can be finalized and signed, while sanctions remain in effect. (Jinshi)

▌Israeli Sources Say Coordinating with U.S. or Preparing New Strike on Iran

On May 5, an Israeli source said that as tensions in the Strait of Hormuz escalate, Iran’s ceasefire faces risks, and Israel is coordinating with the U.S… The coordination includes preparing for a possible new strike on Iran, focusing on energy infrastructure and targeted eliminations of senior Iranian officials. Most of these plans were ready by early April before the ceasefire, and could be executed at any time.

▌Russia and Ukraine Announce Unilateral Ceasefire

On May 5, Ukrainian President Zelensky posted on social media that Ukraine will unilaterally implement a ceasefire starting at midnight on the 6th. Zelensky said that Russian media claimed Russia would cease hostilities during Victory Day celebrations, but Ukraine has not received any official call from Russia to stop fighting. Nevertheless, Ukraine has decided to implement “silence” from that time, reciprocating the action. Zelensky also said that it is time for Russian leaders to take real steps to end the war. His post did not specify when the ceasefire would end. Earlier, Russia’s Defense Ministry announced that Russian forces, under the decision of Supreme Commander Putin, would observe a Victory Day ceasefire on May 8-9 to commemorate the Soviet people’s victory in the Great Patriotic War, hoping Ukraine would follow suit. (East News Agency)

Blockchain Applications

▌Bullish Plans to Acquire Equiniti for $4.2 Billion

According to The Wall Street Journal, crypto trading platform Bullish has reached a deal to acquire transfer agent Equiniti for approximately $4.2 billion (including debt), advancing its tokenization strategy. The transaction is expected to close in January next year, pending regulatory approval. Equiniti currently serves nearly 3,000 publicly listed companies, including Berkshire Hathaway and Moody’s.

▌Galaxy Digital and State Street Launch Tokenized Cash Management Fund SWEEP on Solana

Galaxy Digital announced a partnership with U.S. bank State Street to launch the “State Street Galaxy Onchain Liquidity Sweep Fund (SWEEP),” which moves cash management and yield products onto the blockchain for 24/7 on-chain liquidity management. The fund initially builds on Solana and plans to expand to Ethereum and Stellar. Galaxy handles the tokenization infrastructure, Anchorage Digital provides custody, and State Street manages the underlying traditional securities.

▌Former Qualcomm Executive Joins Intel to Lead Client Computing and Physical AI Division

On May 5, Intel announced two key leadership appointments. Alex Katouzian will join Intel as Executive Vice President and General Manager of the Client Computing and Physical AI Group in May. He previously served as EVP at Qualcomm, leading the Mobile, Compute, and XR business units. Intel also officially appointed Pushkar Ranade, who previously served as acting CTO, as CTO. He will drive the company’s technology strategy, lead special tech projects, and develop key emerging fields such as quantum computing, neuromorphic computing, photonics, and new materials. (East News Agency)

Cryptocurrency

▌Coinbase Plans to Cut Staff by About 14%

On May 5, Coinbase CEO Armstrong announced plans to reduce staff by approximately 14%.

▌May 4: U.S. Bitcoin Spot ETF Inflows $532 Million, Ethereum ETF Inflows $61.3 Million

On May 5, according to Farside monitoring, U.S. Bitcoin spot ETFs saw inflows of $532 million yesterday, including: BlackRock IBIT: +$335 million; Fidelity FBTC: +$184 million; Morgan Stanley MSBT: +$12.2 million. The same day, Ethereum spot ETFs in the U.S. saw inflows of $61.3 million, including: BlackRock ETHA: +$54.8 million; Fidelity FETH: +$6.5 million.

▌CoinShares: Bitcoin-Related Funds Have Recorded Net Inflows for Five Consecutive Weeks

On May 6, data from digital asset investment firm CoinShares showed that Bitcoin-related funds have experienced net inflows for five consecutive weeks, with a total net inflow of $4.2 billion this year.

▌Arthur Hayes: Altcoins Will Not Disappear, Market Will Continue to Shake Out

On May 5, Arthur Hayes said at Consensus 2026 that although 99% of altcoins may go to zero, this phenomenon is similar to the replacement of S&P 500 components in history, and does not mean the industry is ending. Hayes pointed out that since 1929, about 98% of S&P 500 companies have been eliminated, and market clearing is a normal cycle. The altcoin ecosystem will continue to exist and evolve.

▌Whale Accumulates 16,900 ETH, Buys 900 More ETH

On May 5, according to Lookonchain, a whale added 900 ETH again, worth about $2.13 million. Since February 15, this whale has accumulated 16,900 ETH at an average price of $2,110, totaling about $35.67 million, with an unrealized profit of $4.6 million.

▌Animoca Brands Tokenized Equity Now Tradable on Republic

On May 6, Animoca Brands’ tokenized equity is now available for trading on Republic, supported by Solana. Eligible investors worldwide can now acquire shares of Animoca Brands via on-chain trading, bringing transparency and accessibility to one of the world’s largest Web3 investment portfolios.

▌Crypto VC Ethereal Ventures Discloses Total of About $150 Million Across Two Funds

According to Fortune, crypto venture capital firm Ethereal Ventures, after nearly five years since its founding, has publicly disclosed its total fund size of about $150 million. Founded in 2021 by Min Teo and Ethereum co-creator Joe Lubin, it has invested in over 80 early-stage projects including EigenLayer. The first fund has shown good DPI performance, while the second fund has deployed less than a quarter of its capital, leaving ample “dry powder.” (Fortune)

Major Economic Developments

▌Trump: Iran Still Wants Deal, Iran Did Not Attack U.S.-Protected Ships

On May 5, Trump said that Iran still hopes to reach an agreement but criticized Iran for denying talks after discussions. Regarding the Strait of Hormuz, Trump said Iran did not attack ships protected by the U.S… On gasoline prices, Trump said prices will further decline after the end of the Iran conflict. (Jinshi)

▌Goldman Warns: Global Oil Inventories Approaching 8-Year Low

On May 5, amid ongoing Middle East conflicts and the Strait of Hormuz remaining blocked, Goldman Sachs warned that global oil inventories are approaching their lowest levels in eight years, with concerns over the rapid depletion rate. Goldman estimates that current global crude oil inventories are equivalent to about 101 days of global demand, potentially dropping to 98 days by the end of May. While inventories are unlikely to hit the absolute minimum this summer, depletion rates in some regions and products are worrying. The bank estimates that global commercial refined product inventories have fallen from 50 days of demand before the US and Israel’s potential conflict with Iran to about 45 days now, with readily available buffer stocks rapidly approaching very low levels. (East News Agency)

▌Trump: I Made the U.S. $45 Billion in the Past 8 Months

On May 5, Trump posted a chart on social media showing the gains since the U.S. bought Intel (INTC.US) in August 2025, captioned: “I made the U.S. $45 billion in the past 8 months!” (East News Agency)

▌Traders Increase Bets on Fed Raising Rates Before Cutting

On May 6, bond traders are increasing bets that the Fed’s next move may be a rate hike rather than a cut. Swaps tied to interest rate decisions currently show a greater than 50% chance of a rate hike by April next year, before possibly cutting later. More traders are adding positions to hedge against the rising probability of rate hikes before year-end. As this shift occurs, policymakers’ views on interest rates seem increasingly divided, and amid President Trump’s push for rate cuts, Kevin Woorh is expected to succeed as Fed Chair. (Sina Finance)

Gold Encyclopedia

▌Can Bitcoin Still Be Called “Digital Gold” Under Geopolitical Crises?

During every geopolitical crisis, gold prices rise while Bitcoin prices plummet. After six tests, the label “digital gold” has never been substantiated by data. Countries hoard gold but exclude Bitcoin from reserves. For investors, Bitcoin has asymmetries: it declines with stocks but does not rise with stocks. Three structural asymmetries prevent Bitcoin from gaining safe-haven status: excess derivatives (market structure), dominance of leveraged traders (participant composition), and lack of repeated behavioral records (behavioral accumulation).

Bitcoin is not a safe-haven asset, but it is a “crisis-useful asset.” In cases of border closures and bank failures, it can indeed serve a role. If these three asymmetries diminish, Bitcoin may no longer be a copy of gold but could become a new “next-generation gold.” Intergenerational shifts and widespread adoption of algorithms are key factors that could accelerate this process.